ACCRA, May 11 (Xinhua) -- Ghana has successfully raised 2 billion U.S. dollars in a double tranche Eurobond in the global capital market, the Ministry of Finance said Friday.
Half of the proceeds (1 billion dollars) is a 10-year note at 7.625 percent while the other half (1 billion dollars) is Ghana's first ever 30-year issuance at 8.625 percent.
A statement from the Ministry of Finance said early Friday that 750 million dollars of the issuance represents new debt, while a portion of the remainder will be used to swap for existing Eurobonds, as well as other debt management operations.
In 2015 Ghana became the first ever Sub-Sahara African country outside South Africa to have issued successfully a 15-year bond when it raised 1 billion dollars at 10.75 percent from the market.
Bank of America Merrill Lynch, Citi Group, JP Morgan and Standard Chartered Bank were Lead Advisors for the issuance.
"It is the first time a sub-Saharan African country with a rating of B Stable has priced a sovereign Bond at this low costs indicating a strong investor confidence," the finance ministry statement pointed out.
Debt level of the West Africa cocoa, gold and oil exporter reached 69.8 percent last December while it readied to conclude the extended International Monetary Fund program which sought to help the country end its annual over-expenditure while strengthening economic growth and job creation.
This is Ghana's sixth Eurobond sale since it first entered in the market for a 750 million dollar debt in 2007.
